In integrated/segmented markets, the covariance of two equity markets = Bi x Bj x variance of the market. We also know that beta = covariance / variance, Why are these two different formulas?
so if you’re given different information you can still answer the question
Bi (beta of market i) = covariance of market i and the global market / variance of global market
covi,j (covariance of markets i and j) = Bi x Bj x variance of global market